Commenting on the partnership in an interview, WH Ireland chief executive Richard Killingbeck predicted consolidation within the industry would become a more widespread solution to address cost pressures, increased regulation and global growth issues.

Despite the “significant transformational changes” to the wealth management division, the group endured a difficult start to the year.

Macro uncertainties, such as Chinese growth, commodity price deflation and the Brexit vote, led to lower commission levels throughout the period, the LSE-listed stockbroker said, resulting in an operating loss of £1.1m ($1.4m, €1.2m) compared with last year’s £300,000 profit.

Group turnover also suffered from the heightened uncertainty, falling from £15.9m the year before to £12m.

The firm was also dealt a substantial blow by the FCA who fined it £1.2bn back in February.

WH Ireland said that further announcements regarding its partial acquisition by KEH would be made in due course.

About Author

Kristen joined Last Word Media and the world of financial journalism in April 2016, leaving behind a career in a legal publishing firm as a senior researcher turned assistant editor.

This native Angelino initially moved to the UK in 2008 to complete her undergraduate studies at the University of Nottingham. She subsequently obtained a Masters degree in Philosophy with Literature from the University of Warwick.

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